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tv   FOX Business After the Bell  FOX Business  February 11, 2013 4:00pm-5:00pm EST

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was precisely at that meant that you see the stock spike upwards that charlie gasparino came out with these talks that apparently happened between carlyle group and folks at nasdaq to take it private. this is the gasparino spike. >> hit a new annual high, 32.15. when charlie did report that. exactly the gasparino spike. david: this is the power of fox business. nicole: talk about the drugmaker novo-nordisk that is sinking. >> down into the double digits. basically getting stung by an fda request in the biggest market with more information on the insulin drug. this bad news for the company the stock taking a big hit because of it. david: the last week, the government sort of investigates, it is not an official investigation but a probe of what s&p was doing during the lead-up to the financial crisis. that led to a drop in mcgraw-hill, the parent company of s&p. moody's came down with it, even though they weren't particularly mentioned. today they had a pop up
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again. it was up 4 1/2%. >> right. last week was moody's worst week since october of 2008. today we can say they're the number two best performer on the s&p 500. certainly popping at 1.5% today. nicole: bad news for blackberry today, lauren. tell us about it. >> home depot, yet another company putting its employees on the apple iphone. david: all right. [closing bell rings] the market is down 20 points. looks like it is trading down as we get the bells ringing on wall street. the first trading day of the week. let's look what is going on here. the dow is down about 21 points. the nasdaq down as well. all four indices to the downside. just a tick though as far as the s&p and the nasdaq and russell 2000. nicole: the see the s&p is still holding the 1500 mark. a pair of safe haven and delicious consumer staple he
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wills stocks. i like saying delicious. s&p hitting 10th record high. hormel hitting its 17th record high in 2013. david: did you see what happened to. there. that drove gold lower significantly so about, $17 off the high on friday. down about $1650 for one particular ounce of gold. again these things may change rapidly but sometime this week we're expected to have word from the group of seven about how they're going to shore up their currencies. nicole: let's talk about something else on the other hand. solar stocks were a bright spot today with sun power and first solar and leading the charge on that one. take a look. some nice returns. sunpower, up 19%. david: we're going to get some numbers later on. if you liked "the hunger games", if you like the vampire movies, you might likely on's gate.
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they will report and have the numbers from the studio that brought us all the great movies. that is coming up a bit later. big names in tech are seeing tough times. jeff green, editor of investor, says there are people in the tech world that have real liable products, sustainable growth plan and rock solid stability. later this hour he will release the top flying tech names for you. nicole: let's share in the success of some of apple's biggest products. stick around to see what that is. plus, small businesses are the enengine for economic growth. we all know that and jobs as well. goldman sachs is trying to rev up the engine. liz claman is in cleveland where the first class of small business program, just graduated. liz: graduation in february. yes it is happening here at cuyahoga community college where goldman sachs picked this as one of 11 opportunities all across the nation to help small
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business can companies, they're not startups. these are already planted the seed. they have done a lot of heavy lifting. they need a little real world help. goldman sachs created an entire curriculum. today 36 graduates here in the cleveland area got their diplomas. more importantly they got the intellectual property, that knowledge, that only comes from people who have really had the experience. so coming up a fox business long-range sit-down interview with gary cohn, the president and chief operating officer of goldman sachs. a cleveland guy himself. he will be talking to us about what goldman really hopes to achieve here and it is pretty interesting. everyone,000 mile journey starts with one step. some of these companies with this goldman sachs idea have started hiring one, two, three, employees. you combine that, put it together in the aggregate you're creating jobs. we'll talk to gary about that. we'll pick his brain about the u.s. economy the fed, interest rates and ail coming up in a few minutes. by the way, david and
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nicole. he used to be a silver trader on nymex. back to you. david: big word from goldman sachs what will happen with equities. they are downgrading a little bit. be very interesting to see what happens with all that. we'll tell what you drove markets today with today's data download. stocks ending lower after trading near five-year highs. all major indices ending in the red. consumer discretionary were the worst-performing sector and financials, utilities and technology posted gains. copper had its biggest loss in four weeks on demand for the level that it will drop during the lunar new year in china. copper ending 1% lower at $3.72 a pound. oil ending in the green today, posting a 1.4% gain. the jump pushes crude above $97 a barrel for the first time in over a week. nicole? nicole: we've got, let's go over to adam shapiro with the latest. >> this is on lions gate,
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nicole. it will be a street and the street will like this. earnings per share coming in at 27 cents. the street was expecting 17 cents. that is diluted 27 cents per share. revenue 743.6 million. the street was expecting 719.56 million. quote, overall motion picture revenue for the third quarter, increase of 189% from the prior years quarter. they're looking pretty good at lions gate right now. nicole: adam shapiro, thank you for breaking that news on lions gate. we'll delve into lions gate in. larry levin in the pits of the cme. what are you hearing thinking about and hearing on lions gate. >> that is interesting. two quarters they didn't beat. this is two in a row. investors really like it. the stock is sitting on 52-week highs, really the highest level the stock has been above $20. i can't see the chart where i'm standing right now, it may be trading above 20. david: just short of that,
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larry. it is trading $19.90. that is the bid after-hours. you think the $20 level, it mass never been $20 in my memory maybe it has been but that is a very significant price level is it not. >> for sure. just like in the future pits behind me the psychological numbers, 20 number is psychological. people have sell order. wouldn't surprise to see the stock fall off a little bit and tick above that and go back below that point. but really is a great move. 4% today and up a whole bunch over the last three or four weeks. nicole: do you think the momentum will continue for lions gate. >> i do. seems like it is a well-run company. they fixed some issues. two earnings reports ago it wasn't good you about last one was good. this one is very good. obviously they have momentum going and want to keep it going. they have smart guys running that company. david: larry, when you talk about companies likely on gate or disney you're talking about content. content is really key. easy for me to say because i'm part of the whole
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content stream as far as as far as tech sector is concerned. content, when you look for a company, maybe what some people are saying apple should get into, rather than focus on the next big device they should focus getting more content in their itunes and whole movie stream business? >> sure. i mean it's really important nowadays. netflix, they want original content. had bo has been doing it for a long time. it seems like the wave for the future, when you own the content, you can distribute it and make money that way. there is really a money to be made in that content. i think you will see more and more of that. that is something to watch. nicole: that will be something to watch for sure. as we noted it didn't quite hit the $20. don't forget, larry levin, and all folks at home this was two or three bucks in 1999 t has had quite a run. larry, we'll see you back in a few minutes. david: let's go to the market panel. good to see you both, guys. so, john, first to you,
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let's talk about gold. we saw this big dip on gold today. originally we were last week being told we may have competitive currencies, a race to the bottom, if you will, about devaluing currency in order to increase exports. today word came out in fact a lot of nations are trying to strengthen or trying to give the impression anyway of strengthening their currency. gold took a drop as a result. would you get in at this point or is it time to dump our gold? >> we've been bullish on gold since 2002 and we continue to believe that gold is in a two decade bull market. we're still in the middle of that bull market. david: are you buying today as you see the drop. >> we, we're buying when new money comes in, yes. nicole: kevin, i want you to jump in on the same topic. talk about gold and what your thoughts are. >> we like gold too in a negative real interest rate environment but we are a little bit more underweight this year than we were last year just because we think the risk of economic global
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calamity is certainly less than it was at this time last year. so don't see gold as strong as it was last year. david: kevin, this is what i don't understand about the current market. a lot of people say it is not going to be growing this year as much as it was last year. last year we had all the uncertainty. uncertainty about europe. uncertainty who would get elected in the state. uncertainty if the president was reelected what would happen with taxes. we have a lot of uncertainty nailed down or more or less so. we still have questions about the debt, et cetera. with more certainty now why isn't the market set to increase as much this year as it did last year? >> well, when you get, when you have more risk you have more reward, right? when you have more certainty, certainty l certainly we've seen a rally on that. but we would be surprised we saw the returns for 2013 like we did in 2012 because there was more uncertainty last year. it actually got resolved in a positive fashion. so with lessistic risk, less reward. david: good point. nicole: i want to talk to
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you, john. you recommend going abroad. you're not that hot on the u.s. you enjoy looking abroad for the returns. what are you looking at in particular? >> well, we think that the developing world is really the engine of growth and so we're looking at anything that we think that the developing world needs. you're watching the consumer, the middle class in the developing world just absolutely exploding. it is estimated that china's middle class will be three times bigger by the end of this decade. so, we think the intensive. we're very bullish on things like grains because of the movement to eat more meat as people become wealthier. we're very bullish on oil because we think that the world's going to have a difficult time producing sufficient oil. david: by the way a couple picks you have, geospace tech corporation and core labs, both oil and gas companies. >> correct. looking offshore in deep, offshore areas will be very challenging and these are
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both companies that have excellent technology to enable oil companies to do that. nicole: gentlemen, thank you both so much. bullish but in different areas. todd and kevin. thanks very much. david: well goldman sachs is trying to build up small businesses and with them are overall economy. today it is small business program held its first graduation ceremony. liz claman was there. up next she joins us along with gary cohn, goldman sachs president and coo. nicole: plus finding profit in technology. the investor of investor has three tech stocks that he says has some staying power. he will share them with us. stick with us here on fox business.
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nicole: shares of zynga jumping today. let's head back over to the new york stock exchange. lauren simonetti, what are you looking at? tell us about zynga.
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>> zynga is up five days in a row. so this streak continuing. the stock is down 74% over the past year. so you can certainly say they need ad pop, especially that they got today, 7%. that earnings report, that surprise fourth quarter profit on tuesday really fueled the momentum. and now we're hearing that zynga is joining the ranks of internet companies creating original programing. they're working with the rush hour director, bruce rattner and 611 media to produce a series of 30-minute animated shows based on farmville. i will let you judge that. the stock is up today. we'll see what it does if it gains back the 74% of the its value it lost over the past year. back to you. nicole: thanks, lauren. david: five seconds ago the s&p futures closed. let's go back to the pits. larry levin is there. sort of getting a judge what will happen tomorrow in the opening. did you get any sense of that from the close today the? >> yeah. i don't think you will see much action on the open. in fact there wasn't a whole
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lot of action on the closed. it finished just unchanged. to keep in mind the s&p futures set a new high of 1517. yesterday's high, 1517 in s&ps. see if we get above that or not. nicole: you break through 1517 you think it is up, up and away or you think the pullback everybody is talking about is coming, larry. >> i don't think up, up and a way but we've been grinding higher. you're forced to buy the highs but at least you hold on for a couple points here and there. the market like i said, keeps grinding higher and giving longs some rewards. david: larry, thanks very much. good stuff. investment banking giant goldman sachs is about to make news on our air. they often finance deals involving the biggest businesses in the world today they're putting money behind the smallest of businesses. take a listen. >> congratulations. we did it [applause] nicole: cue the applause. they are celebrating. the 36 graduates are the first 36 graduates of goldman 10,000 small
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business education program, got their diplomas in cleveland today. our own liz claman has been there in a wide-ranging interview now with goldman sachs president and chief operating officer gary cohn. liz? liz: well, nicole and david, forget wharton business school. try university of goldman sachs. yes, today the members of the very first graduating group of the 10,000 businesses program of goldman sachs graduated here at key hogue ga -- cuyahoga count community college in cleveland. here is one of the guys that got to give them the intellectual push is gary cohn, chief operating officer of goldman sachs. >> it is a pleasure. liz: it is. i saw you beaming. 36 small business owners got up there and graduated after an left -- 11-week program. what is better they learned up there than a columbia mba or harvard? >> they learned the practical realities of
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running a small business. it is not just 11 weeks of classroom work, long days and on the weekend of last courtroom week. as you can tell from the 36 graduates up there they became colleagues with each other and used each other's goods, they used each other's services. they coached each other and mentored each other and helped each other through a variety of problems and issues they will have going forward. liz: they bounced off each other but you guys put together the curriculum. you used kmurpt colleges in 11 different cities, new york, salt lake, cleveland, et cetera, chicago but you guess spent more than a year putting together the curriculum. there is some secret sauce in there because immediately within a couple of weeks a lot of these businesses were iiproving their revenue and hiring. what is it? how did you put it together? >> we put it together through a lot of hard work. as you know these programs just don't happen. they're a couple years in the making. we teamed up with babson to come up with a spectacular curriculum for these
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individual scholars. we put them together with goldman sachs dna. we had many goldman sachs people involved in this. there were over 2000 hours of goldman sachs employee time put into the program. liz: give me an example. you're doing a tax class and how do deal with that. who taught that? >> i'm not sure who taught the cleveland class t could be a tax expert. it could be a tax expert from goldman sachs. it could be a tax expert from a major law firm. someone with that level of knowledge and breadth came in and taught the class for 10 hours on a saturday. liz: it is real practice not necessarily theory which you get. warren buffett is famed for saying business school isn't really necessary. this seems like something obviously that he liked because you've got him to sit on the advisory council. he came here and spoke to some of the graduates or people who were in the class. i thought to myself, we covered warren buffett a lot. he told me doesn't like sitting on board. he doesn't like doing
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charity events the fact you got him to do it, how do you sell it? >> small businesses. growing america. warren buffett is all about growing opportunities, growing jobs and growing the economy in the united states. we went to warren with this idea. he loved it at the first moment he saw it. he realized economic impact of really affecting small businesses in the united states. liz: you know small businesses have been through thick and thin and a lot of thin lately too. goldman sachs, one would argue has been through tough times during the financial crisis. the quarterly numbers, where i want to get to the business questions is what is happening. you guys killed it. you did extraordinarily well in some of the older businesses like trading, investment banking. what message does that send about doing business through tough times and through tighter regulations? >> we had a good year last year especially interesting considering the environment we were in last year. but we had a good year being true to our strategy. we understood what our strategy is, we understand what our strategy was back last year. we understand who our customers are.
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we understand what our customers need and we delivered it to our clients. we believed through the whole process, although other people questioned it, that we have had a very sound strategy. liz: but my point is, there are a lot of bankers, not necessarily you, who complain bitterly how can we make money if we can't take the risks because of this rule or that rule. you guys mappinged to do it. so can you move forward and say no matter what the environment if we hire smart people we can figure this out? >> absolutely. if we continue to hire smart people, continue to execute and continue to deliver for our clients we'll continue to do well for the shareholders. liz: some of the numbers that look so good you got them by slicing and dicing compensation in certain regards. are you done with that? when you do something like that does it affect your ability to recruit? >> we made lots of different changes in your business over last five years. it is not just compensation. it is headcount. it is geographical footprint. it is outsourcing. >> are you done for 2013.
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>> i don't know if we're ever done. it is one of the things in our business it is always difficult to predict what size you need to be. i said this many times before. we're never perfectly sized. we're too big at the bottom. we're too small at the top. we're never just in the perfect moment where we're right-sized. we'll continue to modulate the size of our firm based on the opportunity. liz: is goldman right-sized for a healthier housing market? what about the fed? what about interest rates if they eventually tighten? coming up after the break more with gary cohn. i will ask him all of that and much more. stay tuned. we're coming here live from cleveland. usiness pro. omnipotent of opportunity. you know how to mix business... with busiss. and from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price.
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liz: back live at cuyahoga community college in cleveland. i'm liz claman. i'm here with gary cohn the president and chief
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operating officer of goldman sachs. all right. i have to get a whole bunch of of rapid fire questions out to you. number one, housing. it looks better. jamie dimon of jpmorgan doled us in davos, quote, housing is totally back. do you agree? >> yeah i think housing is back. the good news about housing we can't outsource it. we have to build it here in the united states. that is great asset for our economy. liz: is there an investment play for this? >> i think there is. there are pools of capital looking to buy houses, looking to rent them out and looking to fix them up. there is opportunities in the return segment in the housing sector. liz: you could argue that the fed keeping interest rates incredibly low, finally put a bottom in housing market, dim lating it. that led to a fear trade where people filed into treasurys. gary, i don't know, looks like there is pile on into equities. goldman sachs portfolio strategy group came out last week and said equities are looking a little hot at the moment.
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do you think that too many people are rushing and the herd is going into equities too quickly? >> i'm not sure there is a pile-on in equities. the last four to six weeks we've clearly seen the momentum trade into equities but if you roll back and look into december, we had a momentum trade out of equities. a lot of money came out in november, december, because of fiscal cliff, tax rises and fear of capital gains. some of the money is migrating back into the market when people feel better about the economy. it feels like there is a bit of a big trade going on. if you actually looked at dollar flows they're not as overwhelming as the market feels like today. liz: with much money in treasurys more than a year, year-and-a-half, it makes you wonder when rates start to tighten, do you see that this 2013, that rates start to tighten? >> i don't think it is a 2013 event but i am very concerned about rates tightening and a misunderstanding between rates and bond prices. liz: what is the
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misunderstanding. educate us? >> the reverse correlation. many people migrated into the fixed income world who are buying fixed income because they think instrument redeems at par. it does. it makes coupon in the meantime. but what the fallacy is, if interest rates go higher, those bond go down in price. if people need liquidity before duration, they will end up getting less than par back on their investment. david: does that mean there is a bubble in bonds? if it popped what would it look like? surely you guys at goldman, anticipated, have modeled this? >> it is hard to model. what we can tell you for sure a lot of money has gone into the fixed income world. we've seen two or three years of almost record issuances. liz: doesn't that worry you? >> it does worry me. at the end of the cycles they change. no one knows the bottom of the cycle like no one knows it is the top of a cycle. we're in a 30-two year bull market in bonds in the
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united states. david: we were having problems earlier with liz's connection to cleveland. as soon as we get those straightened out we'll go back to her. meanwhile the tech sector has been a little sluggish this year. looking for big gains there's apple but that doesn't mean you have to stay away from tech all together. we have jeff reaves that the top three plays have staying power. nicole: they may not be the ones you're thinking of. how about soda for breakfast? find out what pepsi will bring to store shelves. don't forget to log on to and click the "like" button and let us know what you would like in a breakfast soda. david: breakfast soda? ♪ . i'm a conservative investor. but that doesn't mean i don't want to make money.
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delayed backache or muscle ache. to avoid long-term injury, seek immediate medical help for an erection lasting more than four hrs. if you have any sudden decrease or loss in hearing or vision, or if you have any allergic reactions such as rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a 30-tablet free trial. david: liz was talking to the coo of goldman sachs about interest rates. they both had a long time to think about their questions and answers more carefully. go ahead and finish your thought. liz: gary was on a roll. he was like, i was on a roll. finish the thought about interest rates and what happens eventually when the fed tightens them which you believe won't happen in 2013? >> i don't know for sure. none of us knows for sure but feels like a 14, 15, 16 event.
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what i was saying before is look, the inverse correlation between bond prices and interest rates, if people need liquidity prior to duration, prior to the end of their bond maturity, they may be surprised to find out they don't get 100% of their principle back. i am very concerned about that. liz: we don't get many opportunities to speak to the guys at goldman. you guys have been pretty busy during the past couple years but as you sit here, i don't think a lot of people know a lot about you, you are from cleveland, shaker heights. your dad was an electrician. your first job at u.s. steel. >> yes,. liz: first job out of college. >> home building products division. liz: you eventually became a silver trader. do you know all the hand signals? >> a long way from selling vinyl siding. liz: you've done quite a bit here. let's talk about the commodities with the brain you have. do you think much of the metals world is driven by china and how healthy does china look at this point? >> the metals like all commodities markets are
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driven by supply demand fundamentals. china is the big demand market for a decade. david:. liz: is it still? >> as china gross, demand will grow and commodities increase. we're at some type of equalibrium here where supply grown into demand. for some period of time, until we get further economic growth in the world, i think commodity prices are relatively stable at these levels, but ultimately as we continue to get economic growth, we continue to build middle class around the world we'll see higher commodity prices. david: as we finish --. liz: as we finish up you've been at goldman since 1990. the ultimate succession question everybody asks. even charlie gasparino was saying he deserves it if lloyd leaves. is that a job you would want, the job job, ceo job eventually. >> of course? liz: you would want it? has it been telegraphed to you? do you think you could get it? >> i'm happy doing the job i'm doing. i have a great job. i get to be here with you.
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i have a great job. come to 10,000 small business graduations and talk to 36 entrepreneurs really changing with america. i get to spend the time with corporate leaders of the world. i have a phenomenal job. i'm happy doing what i'm doing. liz: and goldman is your home. >> goldman is my home. liz: cleveland is your home. you are trader at heart. you bet on the browns going to the super bowl in 2014? >> no. liz: i can't get him to support the browns. you're a browns fan. >> i'm an indian fan. we suffered together a long time. liz: will we suffer together? >> we'll suffer together. liz: gary cohn, president and coo of goldman sachs. david: you should not let emotions affect your investment decisions. you can love the browns but don't bet on them, liz. liz: don't beg me for a ticket if they make it. >> i won't. liz: fine. david: liz claman and gary cohn, thank you very much. there is no way to deny that
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the tech sector's recent troubles. apple's stock has plunged while reaching an all-time high in september. hewlett-packard is down more than 40% over the past year but we have someone who says not all tech stocks are trouble and he has three-ways to play the volatile sector. joining me is jeff reaves, investors editor. jeff, great to see you again. >> good to see you too, david. david: let's paint out sort of the scenario most people are familiar with whether they read "the wall street journal" or market watch which is that the pc market is dying. the tech sector is restructuring itself as a result of this development as we go mobile. some will succeed and some will not. dell is one of those examples of a company that is dragged down by the pc. >> yeah. david: what and who benefits because of this major change? >> two things. i think there is kind of a mobile revolution that people want to be in right place, right time. that is harder speculative play. a lot of tech stocks people are benefiting from, itter ages of the toback owe
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investment. tobacco is highly regulated industry. there is not a lot of growth. that doesn't mean it was not a bad investment. if you get decent dividends in tech stocks that is kind of good. they are long ball plays if you want to go for a hail mary on techs. there are big blue chip tech stocks i think have a little bit more stability. david: the general perception, we're moving from a pc to a mobile world and those that are caught underneath will be crushed is right? >> well i think it is a bit overblown. there are laptops on the table here. people have pcs in their office. i think there is utility for them going on. not to say there is growth there. kind of like a tobacco stock. it will continue --. david: get to your number one pick, intel. as a chipmaker that hasn't really figured out the mobile market yet is that the correct perception of intel? it is there but hasn't really not as there as a lot of other chip-makers, correct. >> no, that's fair. david: so why are you in favor of it? >> like intel, if you look
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at their earnings report, one of the big reasons they had a selloff because they had a cap-ex plan. intel is the biggest semiconductor stock in the world. number two and number three combined in their market share. if you believe there will be more chips and more devices intel is a place to be. david: even though they haven't completely figured out the mobile market? >> at the end of the february there will be kind of an event where intel will unveil some android chips. you have to put some faith in the company you think they will have mobile in the future and i do think they do. on top of that they have a 4% dividend. they have a huge market share. david: over 4%, right? >> as of today it is 4.3. tech stocks with staying power is different than a swing trade you want in momentum. david: ibm, big ol' blue, why do you like it? >> i like ibm because after earnings they popped 5%. this is company that showed where enterprise is in tech. watson business offers technology. they have server business. they have services of the intel a little bit of everything, i'm sorry, ibm is a little bit of
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everything. they have cloud computing. i think they're right place, right time. they have the scale. david: amazing behemoth, a huge company like this can adapt. usually old companies, big oil companies but this one has. finally qualcomm. we know they're in apple. usually as apple goes so quote qualcomm, but in this case you saw qualcomm is in better shape? >> i like qualcomm not only because they have apple but snap dragon chips in android devices. investors wonder whether you do arm wrestling match between google and apple, qualcomm is way to do any mobile device with connectivity do to the internet. i like qualcomm, consumers may not know it is in everything from android to iphone 5. that allows you to hedge your bet. david: finally if you believe your tech you go to an et. if you don't focus in on one company. go to an exchange traded fund, a tech fund. apple has brought down those funds tremendously over the past six months. now that that downdraft from
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apple has been worked into the etfs is now the time to go into them? >> generally speaking, 2012 has been prove positive index fund work. if you really are a small retail investor, i believe in index funds. they're low cost. a way to play gin flavor, without doing stock picking whether or not i'm on intel, you don't have to worry about that, you can hedge your bets with an index fund. david: apple has drawn them down. they have 14, 15% of apple. >> they're overweight in apple because a lot of the way the indexes are made up. you will be slightly overweight for apple but it is a way to hedge your bet. david: now is the time to get in if you haven't so far. the apple has worked decrease in the numbers. >> if you look s&p 500 18% is tech stocks. even if there is 500 stocks, ruffle one in five are in the tech sector when you look at the market cap reading. david: jeff reaves, investor thanks very much. nicole, over to you. nicole: fed chief ben bernanke, well, his term
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expires at the end of the year. who will take his place? vice-chair janet yellen is speaking at a big union conference up next we'll find out what she is saying. over a billion dollars of sandy aid could be taken back. one of the many things obtained in a memo at fox business. find out who else will suffer if congress can't get a budget together. ♪ . to grow, we have to boost our social media visibility. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gotta admit that's better than a few "likes." i don't have the door code. who's that? he won a contest online to be ceo for the day. how am i supposed to run a business here without an office?! [ male announcer ] fast, reliable deliveries worldwide.
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otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. ecause planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ >> i'm adam shapiro with your fox business brief. and a fox business exclusive. charlie gasparino learned the nasdaq had talks with carlisle group that were private. gasparino reported the meeting occurred three weeks ago but broke down on price. nasdaq omx jumped nearly 2%. premium cable networks
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starz and sony pictures extended their exclusive agreement in five years, giving starz the rights to movie releases through "20/20" one. the deal comes two months after starz was ousted by by walt disney movies. when president obama delivers his first state of the union address of his second term. that is the latest from the fox business network, giving you the power to prosper. look, if you have copd like me, you know it can be hard to breathe, and how that feels. copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that ds both. spiriva handihaler tiotropium bromide inhalation powder
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does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble inating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops. stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain, or problems passing urine. other side effects include dry mouth and constipation. nothing can reverse copd spiriva helps me breathe better. (blowing sou) ask your doctor about spiriva. nicole: time for a quick day's other headlines.the five stories one minute, here i go. ffrst up apple is testing a design for a watch-like device that has some form functions of a smartphone of. sources say the tech giant discussed the device with manufacturing partner, foxconn. netherlands finance minister calling for bank employees to take a pay cut. bank rescues and high
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salaries by senior bankers prompted a public outcry at a time of cuts and austerity measures. china's customs administrator reported the trade in goods amounted to $3.7 million. that edges out the u.s. of 3.82 trillion. mount dane due introduce as new beverage drink. it will be available in orange citrus and frut punch flavors on. one of the 26 sports from the 2020 olympic games. leaders meet this week to decide which sports to drop. that is today's speed read. since i have time, i tell you which one to drop. the one where the ladies dance with the ribbons. i don't feel like that is a --. david: somer assaults. we can all do ribbons. nicole: if the olympic committee is listening that is the one to drop. >> you heard it. nicole said it. federal reserve chairman ben bernanke term is set to close. many believe vice chairman
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janet yellen is set to take the position. nicole: what could we expect to hear from her? she today to a large union group. peter barnes with more on what she had to say. peter, what did she have to say? >> peter, nicole, handicappers are putting their money on janet yellen as the pick to replace ben bernanke if he chooses not to stick around at fed. a current vice chairman at the fed, well-known dove and less concerned about inflation reigniting and getting jobs and getting unemployment rate down throughing a agressive fed policies like qe forever. yellen giving a speech on the job market, to the afl-cio and in fact she said with unemployment still high and inflation low, it is appropriate that policy targeted at job creation take center stage at the fed right now and that it is easy money policies continue. now, chairman bernanke was at white house last week to chat with the president, a
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obama aide, rather, one of the president's aides said that it was just a check-in meeting that they do from time to time. no comment from the fed or the white house on whether they talked about bernanke sticking around for another term but some fed-watchers think bernanke would stay for a third term if the president asked him. other potential bernanke replacements fed-watchers say, former vice chairman don kohn and another former vice chairman, roger ferguson who now runs tiaa cref. guys, back to you. david: thank you very much. by the way we're looking at that inner sanctum, the room in the double doors are with the fed discusses what they will do with rates. like to be a fly on the wall in that room. nicole: absolutely. a memo from lawmakers obtained by fox business lays out spending cuts that are sure to slam our economy if congress doesn't act by the end of the month. up next our liz macdonald has details and a look how you could be impacted.
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nicole: fox business has obtained a memo being released by senate appropriations committee democrats that delivers the maximum impact on the spending cuts looming on march 1st. david: they make it look pretty scary. who is in line to be the most impacted by these federal spending cuts, impacted by the cuts, who will get hurt the most? put it in that kind of language? this was kind of built, this memo, to be scary, was it not? >> yeah. the house democrats on the appropriations committee came out with memo too. here it is. they're talking about, who they are saying will be laid off for two weeks or longer. border patrol, fbi agents. 4,000 people at the faa. they're even warning about three hours longer waiting times at airports because of the sequestration cuts. they're also saying essentially fbi agents, hundreds of federal prosecutors.
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meat inspectors. they're worried about plant shutdowns, food poisoning all of that. they're also talking about $1.9 billion taken back out of sandy aid. look at that. 51 billion in sandy aid. nearly two billion in cuts. also welfare and talk about embassy security cutbacks at a time when benghazi, libya, controversy rage on. here is the problem. there is no detail how they arrived at these figures. no detail, whether $1.9 billion removed back from sandy aid is pork. david: you reported on that. the fact within this $51 billion of sandy aid, some of it had nothing to do with sandy at all. it was fixing the roof on the treasury building in d.c.. >> that's right. estimates maybe half of the money in sandy will go to victims. nicole: i don't like there is not that much transparency and clarity in that. the fact you're talking about food poisoning. i don't want to wait necessarily at the airport for three hours but i really don't want food poisoning. these are things that you're talking about, dramatic.
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>> there is no detail how they arrived at these figures, right? this comes in advance of the president's state of the union address. this is putting an emotional space on this. david: meanwhile they voted $12 billion for windmills working not particularly well. >> great point. nicole: good thing we have the scare tactics. david: always getting secret memos. a large group of people run miles to down a dozen doughnuts and burn some of the calories off and turning around and running back a few miles, all in the name of charity. details right after the break. ♪ . [ male announcer ] ok, here's the way the system works.
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